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Single Farm Payment Exchange Rate Confirmed

Thursday, 2 October 2008

The Department of Agriculture and Rural Development (DARD) have announced the exchange rate which will be used to calculate farmers’ 2008 EU subsidy payments.

DARD can advise farm businesses that payments for the 2008 scheme year under the Single Farm Payment Scheme and other EU direct aid schemes (Aid for Energy Crops and Protein Crop Premium) will be paid using the exchange rate of EUR 1 = GBP 0.79030.

Payments under these schemes are set in Euro and converted to Sterling each year using the exchange rate calculated in accordance with EU regulations. The rate is set by the European Bank in September.

Notes to Editors:

  1. The exchange rate set for 2007 payments was EUR 1 = GBP 0.69680.
  2. Farmers will benefit from the improved exchange rate from last year in that their sterling payment will be higher. They do not need to open a euro account and receive payment in euro to get that benefit.
  3. All media enquiries to DARD Press Office, tel: 028 9052 4619. Out of office hours please contact the Duty Press Officer via pager number 076 9971 5440 and your call will be returned.